All Forum Posts by: Deborah Lynch

Just wondering if anyone has worked with Core Capital Lending and if you would recommend them.

Does anyone know of a lender that will do a HELOC on investment properties? I live in CA, rental is in Alabama. I've contacted my personal bank, my lender, Comerica, Fifth Third (FT will do a HELOC but not if there is a mortgage balance), TD Bank (primary residence and rental must be in the "Maine-to-Florida footprint" to get a HELOC). Waiting to hear from Union Bank. I've called credit unions in AL but you must live, work or worship there. Thanks in advance for any tips.

I have one rental in Birmingham, would like to join any virtual meetups.

UPDATE - After my post earlier today, I was contacted by Zach Lemaster with Rent to Retirement. Zach was very concerned about my experience and wanted to know how he could help. We talked about the struggles I've had with the property manager that was in place when I purchased the property. RTR no longer uses that property manager, which is good to know for anyone considering working with RTR in the Birmingham area. Although RTR does not have control over management issues, it is clear that Zach cares about his clients and will do what he can to help. Zach is a good listener, communicates clearly, and was patient as I detailed the issues I've encountered over the last year. After speaking with Zach, it is clear he wants his clients to have the best possible experience with their rental investments and he will do what he can to advocate for you if there are issues. I appreciated Zach's call today and the time he spent listening to me, and also sharing what he could do to find a solution to my situation. Integrity is everything in this business and I believe Zach does care about his clients. He was very clear that I can contact him any time if I have issues going forward. I think my particular situation is not the norm and if I find a property that fits my criteria, and it is through RTR, I would purchase it and work with Zach.

Hi Vicky,

No improvement. This has been an eye-opening experience. I don't know how MFA chose my tenant, but she trashed my home, several thousand dollars to fix what she did. I paid cash-for-keys to get her out; she was supposed to leave the property in "broom clean" condition at the walk-through. No follow up from the PM or the owner of Zeker. I would be wary of the RTR guarantee to cover the mortgage until the property is rented. IMO I do not believe they properly screened my tenant, just placed a tenant so they wouldn't have to cover the mortgage until a proper tenant was secured. I am not stating that as fact, just my opinion.  If you go through RTR, I would ask to see the employment and rental history of potential tenants so you can weigh in. I would research the other PMs listed in Zach's post. It's still an affordable market; I would just be cautious about which turn-key provider you choose.

Deborah

You were smart to do that.  MFA was terrible with follow ups.  Always the same canned answer when asking for pics/updates "holiday, weather."  Their guarantee to cover the mortgage if they don't rent the property is a red flag, too. They said they have a solid list of criteria to screen tenants, but they placed a tenant who stopped paying last July. I don't believe they properly screened her.  Good luck to you, and take care.

Hi Jay, 

Zeker is my PM in Birmingham.  I do not recommend at this point. Hard to get follow up information, I feel like I'm constantly trying to find out what's up with my tenant and Zeker is just not proactive.  There have been a couple of decent things, but it's not a company I would  hire again. Also, they charge a 10% markup fee on repairs. Once my tenant issue is fixed and I'm ready to re-rent, I may go with Alliance Wealth Builders (found them through Real Wealth Network).  I hooked up with Zeker through Rent to Retirement, the turn-key company I used to find my rental.

Deborah

Thank you, Guifre. I appreciate your response.

Hello, I'm buying my first SFH rental property in Alabama and will hold it in an LLC. 1) Is it best to form the LLC in Wyoming, or should it be an Alabama LLC? 2) The loan will be in my name and then I will either transfer title to the LLC or just add the LLC to the insurance - is the latter the best way to proceed to avoid triggering a possible due-on-sale event? Thanks, Deborah